- Ripple launches Ripple Payments in Brazil, partnering with Mercado Bitcoin for cross-border transactions.
- Mercado Bitcoin will enhance treasury operations between Brazil and Portugal using Ripple’s solution.
- Ripple Payments offers 24/7 global access with fast, secure, and low-cost cross-border transfers.
Ripple the leading global firm in digital asset infrastructure has confirmed the beginning of Ripple Payments in Brazil. This new service makes it possible to apply blockchain technologies in the B2B payments for cross-border transactions. Mercado Bitcoin, the biggest cryptocurrency exchange in Latin America, is set to become the first company to use platform’s complete payment service in Brazil. The partnership will permit companies to transfer funds across borders round the clock, with near real-time settlements to support commerce.
Mercado Bitcoin has aimed at utilizing Company Payments for the internal treasury management between Brazil and Portugal operations. The solution, which revealed new features last year, makes cross-border transactions easier and cheaper.
A major innovation is the non-resident account through which customers are able to make payments in Brazilian Reais, thus improving the overall experience. Mercado Bitcoin also plans to engage more of its corporate and retail clients in the future in the service which it wants to establish as the leading international crypto payments service provider.
Ripple Strengthens Brazil’s Crypto Market
Brazil’s liberal attitude towards cryptocurrency alongside increasing institutional uptake of the digital assets made it ripe for firm Payments. The platform has been operating in Brazil since 2019, having opened an office in the country and offering its first crypto transactions solution with Travelex Bank in 2022. Ripple Payment’s launch is predicted to reinforce Brazil as one of the major players in the field of cryptocurrency, allowing businesses to easily enter the international financial market.
The platfrom Payments gives business an opportunity to make payment to over 80 payout markets globally and this covers above 90% of the daily FX markets. Company boasts of its secure and compliant infrastructure through which it offers liquidity management, simplified onboarding and quick market access. Silvio Pegado, Managing Director of LATAM, has explained that the given solution helps crypto businesses to enhance liquidation and boost margins by means of real-time payment processing.
Ripple Partnership Boosts Expansion
According to Jordan Abud, Head of Banking at Mercado Bitcoin, this partnership is a way towards the company’s expansion globally. Through streamlining the process of cross border transactions and cutting costs, the platform is well placed to meet the needs of its customers as it grows its product offering.
The first operation will be institutional, with transactions being made only between Mercado Bitcoin and Mercado Bitcoin Portugal. Ripple has been in the market for a decade and has had a robust approach to compliance and continues to deliver innovation in the digital asset infrastructure with the company at the forefront of the evolving financial systems.
